Risk Management - W3 by Negar Hosseini

Risk Management - W3 by Negar Hosseini https://padlet.com/snegarhsn/np9vswxzczhrspy0 en-us 2021-08-23 06:31:21 UTC 2021-08-23 08:43:21 UTC hello@padlet.com RISK ANALYSIS snegarhsn https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690694097 2021-08-23 07:26:16 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690694097 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690703550 - Implement ERM process early
- Create a culture of risk awareness/ERM
- Create risk management framework

]]> 2021-08-23 07:32:18 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690703550 Accountability https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690715559 - It would have identified those responsible and what actions should have been taken
- Chain of custody
- They even said "if it wasn't for the bad weather" this would never have happened]]> 2021-08-23 07:33:27 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690715559 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690716501 As mentioned in the ppt, ERM consider activities in strategic level, If ERM was introduced in the Comair, they could foresee the risks of the management system, also, Delta should run they activities from enterprise-level to subsidiary level. For a enterprise this size, the three lines of defense would prevent those problems from happening. ]]> 2021-08-23 07:34:06 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690716501 Issue Resolution https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690716821 - Control measures
- Monitoring & Evaluation plan

]]> 2021-08-23 07:34:18 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690716821 Accountability https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690719533 Both Comair and Delta should be responsible for the problem. Both enterprise lack the culture of risk awareness, the action was not taken when the IT department detect the problem.

]]> 2021-08-23 07:36:01 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690719533 Root Cause Analysis https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690719783 - Why x 5 could lead to solutions and actionable items with priority assessments

]]> 2021-08-23 07:36:13 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690719783 Competing priorities https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720057 - Provides reason for urgency
- Assigns significance to risks

]]> 2021-08-23 07:36:23 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720057 Group 34 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720161 One of the main ways that ERM has stopped issues from occurring is that by way of ERM, a system of terminology (lexicon). This helps identify and classify particular issues, rather than being lost in translation regarding what the problem is. In short, ERM provides a system of language that can be used to classify issues. ]]> 2021-08-23 07:36:27 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720161 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720257 2021-08-23 07:36:32 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690720257 Issue Resolution https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690722144 -lack of risk handlining procedure result delay in issue resolution
-ERM is a management system that can not be established over night, it take times.]]> 2021-08-23 07:37:51 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690722144 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690723294 Governance: Ensure the replacement project is making progress according to plan.
Accountability: Unclear roles of pushing the replacement project
Issue Resolution: Too slow to act
Root Cause: Bad ERM

]]> 2021-08-23 07:38:25 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690723294 Root Cause Analysis https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690724738 - Overall the lack of the ERM or similar system
-

]]> 2021-08-23 07:39:32 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690724738 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690727363 Foster risk intelligence culture
Discuss risk with management team
Approve common risk]]> 2021-08-23 07:41:32 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690727363 Competing priorities https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690728604 - Reversing the perception of risk in the middle and senior levels
- Establish a sound risk discovery mechanism and encourage employees to discover enterprise risks on their own]]> 2021-08-23 07:42:35 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690728604 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690728759 Management is chaotic after the merger. Comair does not approve the acquisition very much, so it maintains the original team, but at the same time the capital expenditure needs to be determined by delta.]]> 2021-08-23 07:42:42 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690728759 Issue resolution https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690729123 Comair was still using the nearly 20-year-old crew management system from SBS, though with a lot more care. SBS implemented a bridge solution, dividing the legacy system into two modules.
ERM can make risk avoidance strategies at an early stage to help Comair develop the new IT module or system to replace the old one.]]> 2021-08-23 07:42:57 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690729123 Accountability tili27381 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690730435 1. IT could disrupt that sense of complacency
2. At that time, the business units were expecting IT to push a project through. And IT was waiting for the business unit to push it through. They should take responsibility.
3. Comair IT executives could do the kind of thorough management analysis.]]> 2021-08-23 07:44:03 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690730435 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690731284 root cause: and managers didn’t pay attention to the severity of problems identified ]]> 2021-08-23 07:44:41 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690731284 Accountability https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690731605 Control risks at present
Evaluate and provide risk-related information
Integrate other risks into decision making to evolve and transform new organizational strategies

]]> 2021-08-23 07:44:55 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690731605 Root cause analysis https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690732044
1.The system was not replaced in time. The old system can hardly handle subsequent growth in business and unforeseen situations

2.What happened at Comair is hardly an isolated problem.

3.Operational risks are not introduced into day-to-day decision-making.

]]> 2021-08-23 07:45:17 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690732044 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690732372 Implement the ERM process and anticipate the risks of the management system.]]> 2021-08-23 07:45:33 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690732372 Governance 2336484240 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690733180 ERM is able to effectively deal with future events that may generate uncertainty in terms of management decisions. The specific process of team management is to cultivate the team's ability to identify risks and develop a risk response framework. Under the premise of ensuring the normal risk management. ERM respond in a manner that reduces the likelihood of downside outcomes and increases the upside.]]> 2021-08-23 07:46:17 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690733180 Accountability corbynye https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690733839 2021-08-23 07:46:54 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690733839 Accountability https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690736794 The two companies need to share responsibilities, especially Comair's IT manager and Delta's financial manager are particularly accountable. The IT manager was changed many times and even was absent, resulting in system problems not being followed up continuously. A continuous risk register can reduce the impact of personnel changes. But the funding approval was not passed, leading to the ultimate risk of outbreak.]]> 2021-08-23 07:49:22 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690736794 Competing priorities https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690737792 2nd line of defence
a step of management strategy to recognise, comparing and measure the risks.]]> 2021-08-23 07:49:52 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690737792 Governance https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690737907 Establishe a Enterprise risk management framework
predic and make solutions for future risks in advance
Arrange managers to monitor and control these risks]]> 2021-08-23 07:49:58 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690737907 Issue resolution https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690739274 The most basic, Comair should foster a risk intelligent culture and discuss enterprise risks with executive management, which is a solution at the governance structure level. From the system and operation level, internal audits like provide timely risk-related information can help Comair identify corporate risks as soon as possible. There is a complete analysis and solution system to manage these risks.]]> 2021-08-23 07:50:55 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690739274 Group 31 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740264 governance:
-develop and formulate mitigation plans
-discuss risk matrix as early as possible
accountability:
-system bias on the system used
-lack of risk mitigation plan on transferring the new system
Issue resolution:

]]> 2021-08-23 07:51:42 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740264 ERM might not work in this example https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740344 We found that the key value of ERM is a kind of guideline that teaches people what should they do when there is a risk or an issue. It could prevent people from getting panic and cut the loss. ERM could have good countermeasures about the black goose.]]> 2021-08-23 07:51:46 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740344 Issue resolution https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740449 2021-08-23 07:51:52 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690740449 Accountability 2336484240 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690742681 Comair's IT manager and Delta's finance manager went through multiple rotations, which led to systemic problems that were never resolved. ERM, on the other hand, makes it clear who is responsible when risks turn into problems and occur. ERM can also help managers to conduct risk management analysis and reduce the impact of personnel changes on risk management]]> 2021-08-23 07:53:47 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690742681 But Comair's failure was a Gray rhino https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690745410 There was a long time before Comair had to update its system. But Comair did not want to make the change. It could lead to a serious consequence but they kept rejecting updates until they had to or failure happens eventually. So we think it is a typical Gray rhino.]]> 2021-08-23 07:56:18 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690745410 Issue Resolution 2336484240 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690750532 Using ERM, Comair should provide a comprehensive and systematic approach to more aggressive and comprehensive risk management; It also provides a common dictionary of risk terms and direction and guidance for the implementation of risk management. At the same time, should Comair management require the organization to examine its complete risk portfolio, consider how these risks relate to each other, and require managers to develop appropriate risk mitigation methods to address these risks in a manner consistent with the organization's strategy and risk appetite]]> 2021-08-23 08:00:30 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690750532 Bridge corbynye https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690751295 1. Primary cause of the collapse: the undersized gusset plates (Design error)
2. Extraordinary weight: construction equipment and material resting on the bridge just above its weakest point at the time of the collapse
3. No regular safety check.]]> 2021-08-23 08:01:03 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690751295 Minneapolis Bridge - Reason https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690755058 -Professional indemnity issue related to consultants negligence.
-The building materials and specifications seriously do not meet the design requirements (the thickness of the main weighing part is only 1/2 of the specified thickness).
-Maintenance Expection.]]> 2021-08-23 08:04:37 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690755058 Minneapolis Bridge - Root Cause https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690755821 -No special sufficient funds for bridge repair and maintenance.]]> 2021-08-23 08:05:21 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690755821 Bridge https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690756319 - Review process not implemented into the project
- Government supervision is not in place

]]> 2021-08-23 08:05:48 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690756319 Bridge zuyang0205 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690757877 -Government neglect of infrastructure
-Lack of supervision mechanism]]> 2021-08-23 08:06:52 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690757877 Accountability hjia9633_2 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690758144 -The Delta only cares about whether the company is profitable and ignores the risks and problems within the company. In addition, The Delta could not amicably accept the acquired company, which also caused some problems.
-The Comair management did not realize the problems in IT, and still tried to use the previous way of working. At the same time, IT executives did not thoroughly analyze the potential risks of the work system, and missed the best time to resolve the risks.]]> 2021-08-23 08:07:05 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690758144 Reason tili27381 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690758316 1. Ignorance of the bridge maintenance and quality
2. Bridge overload]]> 2021-08-23 08:07:15 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690758316 Group 31 Bridge https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690761456 -Design fail to match the actual car load during peek hours
-Material cracks should have been detected

]]> 2021-08-23 08:09:51 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690761456 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690761488 2.1 The bridge has gotten some attention for potential structural issues and design problems.]]> 2021-08-23 08:09:53 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690761488 why did the bridge collapse https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690764669 Direct cause:
nearly 300 tons of construction equipment and materials stockpiled on the bridge deck for the ongoing repair work contributed to the collapse by further stressing the crucial gusset plate that failed

Root causes:
1. Material corrosion & lack of structural integrity(thin gusset plate etc) - reduced load-bearing capacity
2. no funding plan for bridge upgrading
3. Lack of strong supervision and inspection during construction period in the beginning

]]> 2021-08-23 08:12:41 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690764669 tili27381 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690766867 1.1 ignore the importance of a component of the bridge.
1.2 The department that was responsible for the bridge construction didn't check the quality of the component.]]> 2021-08-23 08:14:43 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690766867 tili27381 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690767697 2.2didn't take measures to limit the volume of the bridge]]> 2021-08-23 08:15:22 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690767697 Messissippi River Bridge https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690772200 Why it fail? - Lack of maintainance and upgrading on structure
Why no maintain in time？- low priority for this bridge (risks are not prioritised)
Why low priority? - Limited resource (i.e. money and man power)
Why limited resource? - Not enough money allocated for the maintainance
Why no money? - Risks are not addressed properly or not paid enough attention
Conclusion: They need a good ERM so that the risks can be detected in time and handled properly.

]]> 2021-08-23 08:18:46 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690772200 *Root Cause Chain tzha94301 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690773025 Preliminary calculation & estimation led to the insufficient initial design.

The preliminary design gave out the insufficient load capacity of the gusset plates.

The fracture of the four critical gussets and lack of daily maintenance led to the final collapse of the main bridge span. ]]> 2021-08-23 08:19:33 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690773025 Lack of maintenance and inspection https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690774131 The bridge was rated as structurally deficient that need to replace]]> 2021-08-23 08:20:27 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690774131 Why did the bridge collapse https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690776374 Why 1: Safety of the public
Why 2: Death of public (13)
Why 3: Bridge collapsed
Why 3.1: Poor management of bridge quality checks/low prioritisation/barriers to challenging the status quo/Poor Critical thinking
-> 3.1.1 Inadequate review procedures
-> 3.1.1.1 40yo bridge had poor engineering knowledge for the lifespan it has existed and therefore checks were not standard
-> 3.1.1.1.1: 1/2 inch gussets should be 1 inch
-> Solution add the gusset check to review process

3.1.2 Missed opportunities to resolve known issues/politics

]]> 2021-08-23 08:22:34 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690776374 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690780228 2.3 Not enough evaluation and analysis of materials choosing at the stage of bridge construction.]]> 2021-08-23 08:26:12 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690780228 Why did the bridge collapse? hjia9633_2 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690781213 -There is a problem with the building materials used in the bridge, and the load-bearing capacity of the materials is not paid attention to the support.
-There is not enough supervision on the purchase of materials, and the supplier hopes to obtain more profits.
-In the construction process, there is no set of standards to evaluate a series of behaviors of purchase and construction.]]> 2021-08-23 08:27:04 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690781213 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690783577 1.1.1 Lack of training in gusset plates inspection]]> 2021-08-23 08:29:10 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690783577 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690788781 2021-08-23 08:33:48 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690788781 Bridge fall causes lliu60721 https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690789951 1. Errors in bridge design
2. The increased dead load
3. Lack of training on gusset plate inspection
4. Lack of procedure for ensuring all calculations performed
5. No policy requiring permission to stage materials
6. No evaluation of gusset plate capacity
7. Lack of regular safety inspectation

]]> 2021-08-23 08:34:46 UTC https://padlet.com/snegarhsn/np9vswxzczhrspy0/wish/1690789951